Tinexta’s H124 results highlighted a weaker revenue profile in Q2 than Q1, mainly due to what management believes are temporary effects, as well as the high level of seasonality in some of the individual businesses. The temporary effects include: 1) a slight delay intra-year to expected new revenues, with management reiterating its underlying growth expectations for the year; and 2) deferred growth from ABF Group by six months due to the political changes in France. The latter leads to a reduction in adjusted EBITDA estimates of 5%, but management continues to guide to a strong year of growth of over 20% including ABF Group.